By Meghan Hall
A Kent apartment complex has traded hands, and has been picked up by an active affordable housing developer in Seattle. Public records indicate that The BLVD, a 136-unit apartment complex, was sold to Bellwether Housing for $28.188 million, or about $207,264 per unit. The seller of the asset was an entity affiliated with The BLVD I LLC.
The property is located at 2136 S. 272nd Street and was originally constructed in 1986, according to Apartments.com. Units feature in-unit washers and dryers, air conditioning, walk-in closets, balconies or patios and vinyl flooring. Apartments are a mix of studio, one-, two- and three-bedroom units, and residences range in size from just under 500 square feet to about 1,160 square feet. Rents begin at $1,091 per month and max out at just under $2,500 per month.
Community amenities include a business center and clubhouse, a fitness room, playground, pool and spa. Residents also have access to additional laundry facilities and a concierge.
The property’s new owner, Bellwether, is one of the most active in the Puget Sound when it comes to the creation and maintenance of affordable housing. The organization’s core mission, according to its website, is to “create stable communities and access to opportunities through affordable housing.” Generally, the firm targets properties that are near job and transit centers, as well as services.
Currently, Bellwether is tackling a number of projects in the region. Most recently in June, Bellwether and the Chief Seattle Club kicked off a joint initiative to develop 200 units of Native-informed housing at North Seattle College. In the fall of 2020, Plymouth Housing and Bellwether broke ground on an affordable high-rise in Seattle’s First Hill neighborhood. The project totals 365 units.
Its acquisition of The BLVD in Kent is also part of a strategy to meet the “intense” need for affordable units. Bellwether intends to acquire an additional 2,500 homes by 2025.
Since its founding in 1980, and after 40 years in business, the Bellwether has evolved into the Pacific Northwest’s largest nonprofit affordable housing provider. Over the course of its history, Bellwether has served more than 18,000 residents and has developed 10,000 homes as a development consultant for other nonprofits. Its current portfolio includes 2,200 apartments spread between 33 different buildings.